SUNRISE, FL / ACCESSWIRE / June 3, 2015 / Bioheart, Inc., a Florida Corporation (OTCQB: BHRT) announces today that it has entered into an letter of intent to acquire Pavillion Scientific, Inc. (Florida) a wholly owned subsidiary of Pavillion Foods, Inc. (Florida). Pavillion Scientific is the provider of stem cell collection kits to both Bioheart, Inc and Vetbiologics. Management believes that the acquisition of Pavillion Scientific by Bioheart will enable Bioheart and Vetbiologics to significantly reduce their cost of goods sold and correspondingly increase their gross margin on sales. Under the terms of the letter of intent, Pavillion Foods, Inc. will receive cash, future royalties on a defined number of unit sales and Bioheart Common Stock warrants to purchase Bioheart Common Stock at a predetermined price. Upon completion of a Definitive Agreement, of which there are no assurances will be consummated, Pavillion Scientific will become an operating division of Bioheart, Inc.
"Controlling our material supply chain and increasing gross margins is a key component of our strategy to grow top line revenues and expand cash flow and profit generation for the Company," states Mike Tomas, Bioheart's President and Chief Executive Officer. "Regenerative medicine and cellular therapeutics is increasing globally as a standard of care for a large number of medical conditions. Bioheart intends to be a leading provider of these therapies and having control of our product supply chain is important to our future success. Further, having control of our material supply chain provides us with the ability to more easily adapt our pricing strategies to changing market conditions. We greatly appreciate Pavillion Foods willingness to enter to this transaction and for their past and future support of Bioheart."
About Bioheart, Inc.
Bioheart, Inc. is an emerging enterprise in the regenerative medicine / cellular therapy industry. We are focused on the discovery, development and commercialization of cell based therapeutics that prevent, treat or cure disease by repairing and replacing damaged or aged tissue, cells and organs and restoring their normal function. We believe that regenerative medicine / cellular therapeutics will play a large role in positively changing the natural history of diseases ultimately, we contend, lessening patient burdens as well as reducing the associated economic impact disease imposes upon modern society.
Our business includes the development of proprietary cell therapy products as well as revenue generating physician and patient based regenerative medicine / cell therapy training services, cell collection and cell storage services, the sale of cell collection and treatment kits for humans and animals, and the operation of a cell therapy clinic. Management maintains that revenues and their associated cash in-flows generated from our businesses will, over time, provide funds to support our clinical development activities as they do today for our general business operations. We believe the combination of our own therapeutics pipeline combined with our revenue generating capabilities provides the Company with a unique opportunity for growth and a pathway to profitability.
US Stem Cell Training, ("SCT"), an operating division of Bioheart, Inc., is a content developer of regenerative medicine / cell therapy informational and training materials for physicians and patients. SCT also provides in-person and online training courses which are delivered through in-person presentations at SCT's state of the art facilities and globally at university, hospital and physician's office locations as well as through online webinars. Additionally, SCT provides hands-on clinical application training for physicians and health care professionals interested in providing regenerative medicine / cell therapy procedures.
Vetbiologics, ("VBI"), an operating division of Bioheart, Inc., is a veterinary regenerative medicine company committed to providing veterinarians with the ability to deliver the highest quality regenerative medicine therapies to dogs, cats and horses. VBI provides veterinarians with extensive regenerative medicine capabilities including the ability to isolate regenerative stem cells from a patient's own adipose (fat) tissue directly on-site within their own clinic or stall-side. VBI regenerative medicine technologies are designed, implemented and produced according to the highest standards. VBI follows the FDA guidelines for human cellular therapy production which means each product produced must be validated and must pass stringent criteria.
US Stem Cell Clinic, LLC, ("SCC"), a partially owned investment of Bioheart, Inc., is a physician run regenerative medicine / cell therapy clinic providing cellular treatments for patients afflicted with neurological, autoimmune, orthopedic and degenerative diseases. SCC is operating in compliance with the FDA 1271s which allow for same day medical procedures to be considered the practice of medicine. We isolate stem cells from bone marrow and adipose tissue and also utilize platelet rich plasma.
Forward-Looking Statements: Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue," or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2014, and its Quarterly Reports on Form 10-Q.
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SOURCE: Bioheart, Inc.